No it isn't. Had you read the report, its actually based on probability, not factual evidence. That means it wouldn't stand a chance in a real court unlike the FA's kangaroo court. There are massive holes in the FA's logic, and if its possible to take this matter to a proper court of law, then you can put a lot of money on it that Liverpool will be doing exactly that.
Suarez admits calling Evra "negro" and the FA rules state that the language is prohibited and makes no concession for any intent so in that regard it's open and shut. The balance of probability comes into it later in terms of faults in Suarez's evidence which has been contradicted by video evidence, referee's evidence, Kuyt's evidence and even himself. How can you defend him?